"We don't pay taxes. Only the little people pay taxes."

[undergroundpanther]

Republicans say the rest of us can't afford for the rich to pay higher taxes, because that would ruin the economy for everyone (i.e., the rich create all the jobs, etc., etc.)

But for some reason, when we raised taxes through the roof in the past on the majority of the rich-- up to a mind-boggling 94% of income-- suddenly America boomed like never before, and rocketed from the bottom of the heap to become the greatest superpower the world had ever seen (plus displayed the fastest rising ever standard of living for us average folks, too)7.

Kinda makes you wonder what would happen if we did that again, don't it?

http://www.jmooneyham.com/why-we-cant-afford-for-the-rich-to-pay-higher-taxes.html

[Liberal Gramma]

1. And I hope we do.

Some of the wealthy won't mind, they feel a responsibility to give back to the country that gave them so much. Some of them will mind like hell. Those are the ones I'll enjoy watching.

[undergroundpanther]

2. the rich who pay back others for what they have

are not the ones that anger me.

[magellan]

3. Well, cutting taxes for the rich sure has proved beneficial

...to the rich. The rest of us and the economy, not so much.

I'm all for trying the taxing the rich thing again. But first we have to make sure those revenues don't go to paying for rich men's wars.

[notesdev]

4. The rich escape taxes via deductions

That's why the tax code is 67,000 pages long... lots of places to hide tax deductions for big donors to Congressmen and Senators and political parties.

It doesn't matter what you set the tax rate for rich people at, while all the deductions and tax shelters remain in place. A 33% top rate would be more than enough, as long as you don't make everything deductible! Take Warren Buffett for example... he reported paying 12.4% in taxes, that's less than you or I end up paying in Social Security tax too.

Speaking of Social Security taxes, we don't have a more regressive tax than that... paid only on first $65k of income! The people who pay the most into it are the ones who can least afford it.

Get rid of deductions and shelters and we won't need to deal with politically radioactive adjustment of overall rates.

[Disturbed]

5. Rich people hire Tax Attorneys &/or Tax Accountants.

The Middle Class, Working Poor can't afford to hire expensive services to
figure out ways to pay less taxes.

[notesdev]

7. Even if we did

Those exotic deductions just don't exist for the middle class, we don't have the assets they apply to and don't have the luxury of laundering money through non-profits and tax shelters. Even the deductions they give the middle class are perverse (e.g. the mortgage deduction, yay let's have renters subsidize private owners and drive up costs for everyone, leaving the subsidy dollars in the hands of the banking system).

Someone ought to calculate what the tax rate necessary to generate the same amount of revenue we do now ought to be, if all deductions were eliminated. I bet it would be pretty damn low all around, and would result in a big net increase in the share that the folks at the top pay.

[leftofthedial]

6. individual wealth is a symptom of the cancer that capitalism has become

it's like when the tumor makes you shit yourself all the time. that's what the rich are like. uncontrollable shit.

[UndertheOcean]

8. 94% seems a little bit unfair

[dysfunctional press]

9. that depends on where the bracket is set...

is a 94% rate on income over $30 million "unfair"? $40 million? $50 million?

[UndertheOcean]

11. Oh , yes , with a bracket it is fair

something like this :

First 50k: No Tax

50k to 100k : 10%
and so on up to 94% percent.

[WCGreen]

10. The rich should pay more simply because they benifit the most...

from an orderly free society which can only be maintained through taxation.

Period. It's as simple as that.